East West Banking Corporation announced the designation of Antonio C. Moncupa, Jr. as Vice Chairman. He remains the Chief Executive Officer of the Bank. The EW Board also named seasoned banker Roberto S. Reyes as President and Deputy Chief Executive Officer. Both appointments are effective May 1, 2017.
"In its efforts to sustain its robust growth and double its total resources in the next few years, EW continues to look for opportunities to improve and enhance its work processes and further broaden and deepen its executive bench," EastWest Bank said in a disclosure to the Philippine Stock Exchange.
"It is the duty of the board to do the best for all stakeholders." Moncupa said, the "strengthening" of the executive team of the bank forms part of the lender's "forward looking vision" to meet "the challenges of an increasing competitive landscape." The Bank also announced the appointment of Maria Rita Nisperos as Senior Vice President and Head of Marketing.
"A bank like EastWest is always looking at opportunities to beef up its executive bench. This step is essential and vital to support the effort to accelerate growth and serve our customers better," Moncupa explained.
EastWest had grown at an annual compounded of growth rate of 25% in the last 5 years, one of the fastest growth rates in the industry, to bring its total resources to Php292 billion by end 2016. It also reported a 70% increase in net profits to Php3.4 billion in 2016.